News wire — Spain’s competition watchdog on Thursday fined two natural gas traders a combined 4.8 million euros ($5.1 million) for not meeting deadlines to warn about changes in supplies to Spanish gas grid operator Enagas.
The regulator, known as CNMC, said it fined gas trading units of Germany’s power utility RWE 3.6 million euros and French oil major TotalEnergies 1.2 million euros.
Companies are supposed to warn about any change to Enagas at least five days in advance. The infringements were considered “grave”, the CNMC said.
A spokesperson for RWE said the company would challenge the decision in court and initiate a respective proceeding.
“The underlying regulation existing at the time of the facts did not include a specific term regarding the cancellation of supplies,” he said, adding that RWE had communicated to the grid’s manager that such a cancellation could take place.
Total did not immediately respond to a request for comment.
Following the Russian invasion of Ukraine and a diplomatic spat with Algeria, Spain is now getting most of its gas from seaborne LNG, whose price is much more volatile.
Follow us on twitter
